Contact UsShikhar Biz Centre
Fifth to Seventh Floor,
Thapathali, Kathmandu, Nepal
P.O. Box: 10692, Kathmandu Nepal
Phone No: +977-01-4246101, 4246102
Fax No: 977-1-4246103
Shikhar Insurance Company Ltd. (SICL) is an established General Insurance Company promoted by a young team of reputed Industrial and Business Houses involved in various fields like Aviation, Banking, Manufacturing, Trading, Travel Trade, Media Houses etc.
An unlooked for mishap or an untoward event, which is not expected or designed.
Deductible or Excess:
The amount of a loss agreed to be borne by the insured himself.
Hazard is the condition, which may create or increase the chance of loss arising from any peril.
Insurance helps to indemnify the financial loss of high value in return of payment of comparatively less amount of money (premium). It is the process of sharing of financial loss of the ‘few’ from a common fund created by the contribution of ‘many’ equally exposed to the same risk.
The party who seeks protection against a particular risk and is entitled to receive money from the insurer in the event of the happening of the stated contingency, is known as insured. An insured is generally a policy holder.
The Party which agrees to pay money on the happening of a contingency is known as insurer. Mostly, the insurers are Insurance Companies.
A nominee is the person designated by the policy holder to receive the proceeds of an insurance policy, upon the death of the insured.
Peril is the cause of loss. For example, fire, earthquake etc.
The document which contains the terms and conditions of the insurance contract is termed as the insurance policy.
The amount which is paid by the insured to the insurer as consideration of the insurance contract is known as premium. In simple words, premium is the price of insurance.
When insurers insure a risk again, it is called reinsurance. Reinsurance is the mechanism of risk transfer from the insurers to the reinsurers. Reinsurers can be direct insurers and/or specialized reinsurance company. As insurance is a contract between insured and insurers, so Reinsurance is a contract between insurers and reinsurers.
Risks is uncertainty about financial loss. There are two types of risks. First is the Speculative Risk, where financial loss is difficult to measure and cannot be insured. Second is the Pure risk, where the financial loss can be measured and can be insured.
Property which is saved from loss or damage.
The monetary limit of liability of insurers.